Union Budget: IT industry regrets MAT hike

Munish Gupta, Vice-president, India Operations, GlobalLogic finds the budget optimistic. "The budget presented by our financial minister clearly states that the worst is over for the Indian economy, and 10% growth projected by him looks realistic, but, the IT industry has nothing really to look forward."

"Though during the current fiscal year, the IT sector witnessed a significant revival in revenue and the growth is upbeat for the coming calendar year, no mention of extension of a tax holiday scheme for software firms in the minister's speech. The tax break also ends in March 2011," Gupta adds.

Surjeet Singh, Chief Financial Officer, of Patni Computer Systems feels Budget has not addressed IT Industry's demand for extension of Tax holiday under STPI scheme as per Section 10 (A) of Income Tax Act which is a significant negative for the Industry.

Read More